![]() Valuers will also visit the property in question, so that they can assess the condition of the building and make a note of any structural faults and nuances that might affect its market value. For example, commercial property requires more financial analysis and development sites can require more planning consultancy.” “However, o ther property types can require different approaches. “T he sales are analysed in terms of land attributes, improvements, location and planning controls… compared to the property being valued,” says Curtis. the aspect, topography and layout of the blockįirst, valuers use a handful of recent comparable sales to give them a ballpark figure for the property in question, and then they make adjustments to that figure based on any significant differences found between the above attributes of the properties.the property’s location and level of amenity.planning restrictions and local council zoning.the standard of the fit-out and the property’s architectural style.the structure and condition of the building.Picture: /buyĪ direct comparison with recent comparable sales forms the backbone of most residential property valuations, though valuers will also take into account the following attributes: Property valuations are an integral part of the mortgage application process. “ Some of this work is highly specialised and is governed by detailed legislation,” says Curtis. ![]() Property valuations are also often required for financial reporting, for taxation compliance, for family law mediation and for determining the amount of compensation given to land owners for easements or land acquisition. However, in the majority of cases, is outsourced to independent valuation companies who are recognised on the lender’s panel,” Curtis adds. “ Some lenders still have in-house valuers, or use internal algorithms or desktop assessments. The bank needs to be confident that it can recover any outstanding amount owned on the property, should the buyer default on their mortgage. That said, the most common reason why people need a property valuation is because their mortgage lender (usually a bank) requests one.Īccording to Matthew Curtis, director of Curtis Valuations, the property valuation serves as a “risk report” for the lending institution, to ensure the security value of the property covers the loan. In providing a clear indication of a property’s market value, it reduces a buyer’s risk of paying over the odds for a property in offering a detailed analysis of a property’s weaknesses, it can help a seller decide which renovations to make to enhance a property’s value. Picture: /buyĪ property valuation offers benefits to both buyer and seller. 60 Highett Street, Richmond, Vic 3121 is a renovated family home in a popular location A property valuation will take into account lots of factors, including the condition of the building and the quality of its fixtures and fittings.
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